Bloomberg Predicts Solana ETF Approvals Come “Within a Month”

Solana ETF approvals look all but guaranteed at this stage. Pursuant to Rex-Osprey’s creative attempt to bypass standard proceedings, Bloomberg ETF analysts have proposed that Solana ETFs could make their market debut “within a month”.

Reinforcing the case for an accelerated timeline, the SEC has demanded that issuers make amendments to existing S-1 filings, paving the way for consistent approvals.

With seven issuers already lined up to list Solana ETFs, public records indicate that more TradFi firms will make filings in coming weeks.

Bloomberg Boosts $SOL ETF Approval Odds to 90%

Senior Bloomberg ETF analyst Eric Balchunas has teased an ‘Altcoin ETF Summer’ in the coming months. With Rex-Osprey’s regulatory workarounds forcing the SEC’s hand on the inclusion of staking in crypto ETFs, Bloomberg has elevated Solana’s ETF approval odds to 90%.

Despite the SEC initially pushing back on Rex-Osprey’s legal workaround, which classifies the funds as C-corporations for tax purposes, Bloomberg suggests Solana ETFs could go live “within a month”.

ETFStore President Nate Geraci shares in Bloomberg and the wider crypto industry’s optimism. Labelling the upcoming approvals as a historic moment for crypto, Geraci is adamant that the impending ‘Altcoin ETF Summer’ marks the moment that crypto truly breaks out into the mainstream world and establishes itself as a credible asset class.

Remarkably, Solana ETFs may represent the first time Wall Street sees staking rewards implemented into investment vehicles. Several ETFs tracking Solana’s price performance, like the Canary Marinade Solana ETF, will include staking rewards. 

If existing Ethereum ETFs are unable to get clearance to include staking rewards before Solana ETFs are approved, markets could witness capital flow from Ethereum-based funds to Solana-based funds as investors seek positions in yield-generating ETFs.

SEC Requests Issuers to Amend S-1 Filings

On June 10, Blockworks reported that the SEC requested prospective Solana ETF issuers make amendments to their existing S-1 filings. 

While the precise details surrounding what the SEC would like changed are uncertain, sources close to the matter indicated that the SEC demanded that issuers update language on in-kind redemptions and staking implementation.

The SEC’s request suggests that the agency wants to see a consistent approach to the inclusion of Solana staking rewards across issuers. Following submission, the SEC is expected to comment on amendments within a 30-day time frame.

Coinshares Registers Trust, ETF Filing Expected Next

At press time, seven TradFi firms have filed for a Solana ETF. However, the SEC’s apparent eagerness to see more crypto ETFs on Wall Street looks to be prompting new filings from alternative issuers.

Coinshares, a firm holding $2.8B in crypto assets, has successfully registered a statutory trust in Delaware. Named the “Coinshares Solana ETF”, the registration leaves little doubt that Coinshares will file with the SEC for a Solana ETF in the coming days.

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